Discussion:
The Sarbanes-Oxley Act of 2002 (SOX) was a direct result of the financial statement frauds that sank industry giants such as Enron and WorldCom.
1. What are the primary goals and tenets of SOX with respect to fraud?
2. How is SOX enforced?
3. What is PCAOB, its role, and based upon your individual research, is it an effective oversight body?
4. Based upon the goals of SOX, how is it implemented and enforced, and through your own experience and research (both if applicable), do you think that SOX has been a successful deterrent to financial statement fraud? Why or why not?
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